客户结构改善明显、经营韧性较强

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [3][8]. Core Insights - The company achieved a revenue of 168.59 billion yuan in 2023, representing a year-on-year growth of 6.5%. The net profit attributable to shareholders was 7.21 billion yuan, with a slight increase of 0.15% year-on-year [4]. - The company has shown resilience in its operations, with various business segments performing steadily. The main business revenue reached 159.52 billion yuan, growing by 6.7% year-on-year, despite a decline in the metal forming and mold business by 14.1% [4][5]. - The customer structure has improved significantly, with 53.82% of the main business revenue coming from customers outside the SAIC Group. The revenue from new energy vehicle-related models accounted for over 65% of new business orders [6][8]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 168.59 billion yuan, with a net profit of 7.21 billion yuan. The gross margin for domestic operations was 14.9%, while the gross margin for international operations was only 3.2% [4][5]. - The forecast for net profit in 2024 and 2025 has been adjusted to 7.54 billion yuan and 7.95 billion yuan, respectively, with a new estimate for 2026 set at 8.26 billion yuan [8]. Business Segments - The interior and exterior trim and functional components businesses are the main profit contributors, with net profits of 4.43 billion yuan and 2.46 billion yuan, respectively, in 2023 [5]. - The company has maintained a strong position in the automotive parts industry, with a significant portion of its revenue coming from partnerships with major automotive manufacturers [6][8]. Market Position - The company is recognized as a leading player in the domestic automotive parts sector, with a strong bargaining power within the supply chain. Its core business has achieved a level of self-sufficiency [8].